UOB prices EUR1 covered bonds and draws $5.78b

It was four times oversubscribed.

United Overseas Bank (UOB) has priced its EUR1b dual-traced covered bonds.

The tranche comprises a EUR500m 2-year fixed-rate covered bonds, priced at EUR mid-swap (MS) plus 7 basis points (bps); and a EUR500m 5-year fixed-rate covered bonds at MS plus 24 bps.

UOB said that the transaction was met with exceptionally strong investor demand, closing at approximately $5.78b (EUR3.9b), with the 2-year tranche at EUR2b and the 5-year tranche at EUR1b, for approximately a 4x oversubscription.

This is UOB’s first EUR covered bond issuance in 2026.

The dual-tranche structure allowed UOB to cater to diverse investor preferences, said Koh Chin Chin, head of group treasury, research, and customer advocacy at UOB.

“The strong demand for our Singapore Covered Bonds reinforces Singapore’s standing in global capital markets,” Koh said.

(S$1 = EUR0.68, as of 28 August 2026)

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